2026年8月19日，宇樹科技以150.80元/股發行價登陸科創板，發行市盈率高達219倍，遠超通用裝置製造業約38倍的行業平均水平。上市首日，開盤暴漲629.44%，盤中市值一度突破4400億元。一時間，全市場短線資金集中湧向新股，其餘企業股價幾乎集體大跌，上演“一鯨升，萬物落”的極致資金虹吸行情。
小編認為，這場現象級IPO不會是孤例。在當前市場行情常態化“分化”的特徵下，未來還將發生類似事件，資金將集中湧向個別大股。
那麼，下一個"宇樹"在那裡？還有那些未上市的硬科技巨頭，具備如此強悍的資金虹吸能力？
On August 19, 2026, Unitree Technology made its STAR Market debut at an IPO offer price of RMB 150.80 per share, carrying an extreme price-to-earnings (P/E) ratio of 219, vastly outstripping the machinery manufacturing sector’s average P/E of roughly 38. The stock jumped 629.44% at opening on its first trading session, with its intraday market value topping RMB 440 billion. Massive short-term capital flooded into the newly-listed stock, triggering an acute capital siphoning effect that dragged down most peer listed companies—a market phenomenon vividly described as "One whale surges, all other stocks fade."
This landmark IPO is no one-off event. As market capital keeps diverging, identical liquidity concentration patterns will keep emerging, with funds gravitating toward a small group of core large-cap names.
Against this backdrop, a critical question arises: Who will be the next Unitree? Which unlisted hard-tech unicorns possess the same capacity to attract massive capital inflows upon their IPOs?
要想尋找下一個“宇樹”，首先要理清它成功背後的邏輯。這次宇樹科技一上市就抽血全類股的行情，是多重稀缺性形成的結果：
1. 賽道上市空白，是細分賽道唯一標的。在宇樹上市前，A股僅有減速器、伺服電機等機器人零部件企業，無全端自研人形/四足機器人整機上市公司。市場資金只能炒作產業鏈影子股，當“行業真身”登陸，影子股溢價瞬間消解，資金直接切換至龍頭新股。
2. 全端核心技術自研，形成規模化商業化驗證。宇樹核心運動控制、伺服關節、具身大模型全部自研，同時實現消費級、工業巡檢、特種場景批次出貨，擁有穩定B端訂單，並非實驗室概念企業，機構、產業資本具備長期配置邏輯。
To identify the next Unitree, we must first unpack the logic behind its phenomenal IPO success. The stock’s debut triggered a sweeping liquidity drain across its entire sector, driven by four layers of unique scarcity:
1. Unfilled IPO gap in its niche as the sole integrated player. Prior to Unitree’s listing, A-shares only hosted robot component makers focused on reducers and servo motors, with no listed firm manufacturing fully self-developed humanoid or quadruped robot complete machines. Investors previously traded proxy stocks along the industrial chain. Once the genuine industry leader went public, valuation premiums on those proxies evaporated instantly, and capital rotated straight into the new flagship stock.
2. End-to-end proprietary core technologies validated by large-scale commercialization. Unitree independently developed its core motion control systems, servo joints and embodied large models. It has rolled out mass shipments for consumer, industrial inspection and special-purpose scenarios with steady B-side orders, distinguishing itself from lab-only concept startups. This gives institutional and industrial investors solid grounds for long-term holdings.
3. 由一級市場頂級資本重倉，產業敘事宏大。企業獲得騰訊、紅杉、國資科創基金等頭部機構長期重倉，同時，人形機器人作為人工智慧落地終端，產業賽道本身承載工業自動化、民生服務、國防特種多重政策敘事，覆蓋游資短線炒作、公募長線配置雙重資金需求。
4. 流通籌碼極度稀缺，供需嚴重失衡。宇樹上市初期流通股僅佔總股本7.44%，極低流通盤放大股價波動，打新極致賺錢效應吸引散戶、量化私募、游資集體騰挪持倉，從同賽道、高估值題材股兌現資金追逐新股，形成強虹吸的蹺蹺板效應。
縱觀市場行情，當前，A股處於存量資金博弈格局，市場無持續性增量入場，資金選擇高度集中，符合上述四項條件的未上市硬科技企業，上市後大機率將復刻宇樹大量吸金的行情。
3. Backed by top-tier primary-market investors with compelling industrial narratives. The company secured sustained heavy investments from leading institutions including Tencent, Sequoia Capital and state-backed tech innovation funds. As physical carriers for AI deployment, humanoid robots align with multiple policy priorities spanning industrial automation, public services and national defense. The sector caters to two pools of capital: short-term speculative hot money and long-term mutual fund allocations.
4. Extremely scarce floating shares creating severe supply-demand imbalance. Only 7.44% of Unitree’s total shares were freely tradable upon its IPO. The tiny float amplified stock price volatility. Extraordinary listing gains drew retail investors, quantitative private funds and speculators to shift holdings en masse: they cashed out high-valued thematic stocks in the same sector to chase the new listing, creating a powerful seesaw capital siphoning effect.
Today’s A-share market operates on stock-funded competition with no sustained influx of incremental capital, leading to extreme concentration of investment flows. Any unlisted hard-tech enterprise meeting all four criteria above is highly likely to replicate Unitree’s massive capital draw upon its IPO.
一、具身智能賽道
作為當前市場熱度最高的科技主線，具身智能賽道內多家整機獨角獸已進入輔導、問詢階段，一旦上市或將直接分流機器人、AI兩大類股流動性。
1. 智元機器人
- 上市進度：2026年7月已官宣啟動港股上市流程
- 核心壁壘：國內人形機器人出貨量第一梯隊，自研VLA具身視覺動作大模型，深度繫結比亞迪汽車產線，工業柔性操作場景落地速度行業領先；騰訊、比亞迪、紅杉聯合重倉，一級市場估值超250億元。
- 虹吸邏輯：A股第二家全尺寸人形整機龍頭，差異化主打工業製造賽道，填補工業人形上市空白。上市後市場資金或將大規模從零部件標的流出。
2. 雲深處科技
- 上市進度：科創板首輪問詢已回覆，排隊待上會
- 核心壁壘：國內四足機器人第二龍頭，軍工巡檢、電力特種場景批次交付，自研伺服電機與運動控制系統，同步佈局人形整機；地方國資科創基金為主投資方，軍工資質壁壘同行難以複製。
- 虹吸邏輯：軍工+人形機器人雙景氣賽道疊加，A股暫無特種四足整機上市公司，軍工、高端製造、AI三條主線資金或將同步湧入，中長期產業配置需求極強。
I. Embodied Intelligence Track: As the hottest tech investment theme, multiple integrated robot unicorns in embodied intelligence have entered IPO coaching and inquiry procedures. Their upcoming listings will likely divert liquidity from both the robotics and artificial intelligence sectors.
1. Agibot (Zhiyuan Robotics)
IPO Progress: Officially launched Hong Kong IPO preparations in July 2026. Core Moat: A top-tier domestic humanoid robot supplier. It independently develops its VLA embodied vision-action large model and maintains deep ties with BYD’s automotive production lines, leading the industry in commercialized flexible industrial manipulation. Backed by joint heavy investments from Tencent, BYD and Sequoia Capital, its primary market valuation exceeds RMB 250 billion. Capital Siphoning Logic: It will become the second full-size humanoid robot manufacturer listed in the A-share market, with differentiated focus on industrial manufacturing to fill the void of industrial humanoid robot public firms. Massive capital may flow out of component stocks once it goes public.
2. DeepSeek Robotics (Yunshenchu Technology)
IPO Progress: Responded to the first round of STAR Market inquiries, pending listing review meeting. Core Moat: China’s second-leading quadruped robot maker with mass deliveries for military inspection and power grid special scenarios. It self-develops servo motors and motion control systems while advancing humanoid robot R&D. Major investors are local state-owned tech innovation funds, and its military certification credentials form an irreplicable competitive edge over peers. Capital Siphoning Logic: The dual high-growth tracks of national defense and humanoid robots. No listed domestic special quadruped robot makers exist on A-shares, so capital from defense, high-end manufacturing and AI sectors may rush in simultaneously, driving robust long-term institutional allocation demand.
3. 樂聚機器人
- 上市進度：創業板IPO已獲受理，第四套上市標準申報
- 核心壁壘：輕量化人形細分龍頭，高校科研、教育服務場景商業化成熟，現金流穩定性優於同行，產品輕量化、低成本優勢突出。
- 虹吸邏輯：創業板唯一純人形整機標的，覆蓋創業板成長風格資金，上市後或將分流創業板機器人題材存量流動性，形成跨類股資金虹吸。
4. 銀河通用、逐際動力
- 上市進度：赴港上市流程中
- 核心壁壘：通用人形+自有具身大模型雙佈局，工廠搬運、養老服務場景落地；底層運動控制技術自主可控，一級市場多輪大額融資，估值突破百億。
- 虹吸邏輯：聚焦通用服務人形賽道，區別於宇樹工業、特種路線，覆蓋養老、物流全新題材，吸引消費科技、養老產業資金集中入場。
3. Lepu Robotics
IPO Progress: ChiNext IPO application accepted, filing under the Fourth Set of STAR Market Listing Standards. Core Moat: Leader in lightweight humanoid robots with mature commercialization in university research and educational services. It boasts steadier cash flow than competitors, with standout lightweight and low-cost product advantages. Capital Siphoning Logic: The only pure-play humanoid robot firm set to list on ChiNext, targeting growth-style capital allocated to the board. Its IPO will draw existing liquidity from ChiNext robotics thematic stocks and trigger cross-sector capital siphoning.
4. Galaxy General Robotics, Ziji Dynamics
IPO Progress: Advancing Hong Kong IPO procedures. Core Moat: Dual layout of general humanoid robots and self-developed embodied large models, with deployments in factory handling and elderly care. Its underlying motion control technology is fully self-reliant, supported by multiple large-scale primary market financing rounds with a valuation over RMB 10 billion. Capital Siphoning Logic: Focused on general service humanoids, differentiated from Unitree’s industrial and special-use positioning. It unlocks fresh investment narratives around elderly care and logistics, concentrating inflows from consumer tech and senior care industrial capital.
二、國產AI算力晶片賽道
算力是數字經濟底層基礎設施，賽道龍頭上市資金蓄水池規模更大。
1. 長江記憶體
- 上市進度：已進入科創板IPO輔導階段
- 核心壁壘：國內唯一3D NAND記憶體晶片龍頭，AI伺服器、資料中心記憶體國產替代核心載體，國家戰略級記憶體產業平台，客戶覆蓋國內全部頭部雲廠商。
- 虹吸邏輯：對標長鑫科技上市千億級單日成交表現，一旦登陸科創板，或將成為半導體類股流動性核心，記憶體產業鏈中小標的持續承壓，全半導體類股資金向其集中。
II. Domestic AI Computing Chip Track: Computing power serves as the fundamental infrastructure of the digital economy, and leading players in this track can absorb far larger capital pools after going public.
Yangtze Memory Technologies (YMTC)
IPO Progress: Under STAR Market IPO coaching. Core Moat: China’s sole champion of 3D NAND memory chips and a core carrier for domestic substitution of storage chips in AI servers and data centers. As a national strategic storage industrial platform, it supplies all major domestic cloud service providers. Capital Siphoning Logic: Drawing reference from ChangXin Memory’s single-day trading volume exceeding RMB 100 billion after its IPO. Once listed on the STAR Market, YMTC will likely become the liquidity anchor of the semiconductor sector. Small- and mid-cap players along the memory industrial chain will face sustained valuation pressure, with capital from the entire semiconductor sector converging toward this stock.
三、商業航天賽道
當前A股僅有衛星零部件、航天配套企業，尚無民營液體運載火箭整機上市公司，賽道的稀缺屬性完全可以對標上市前的宇樹，資金吸引力極強。
1. 星際榮耀
- 上市進度：處於科創板IPO輔導階段
- 核心壁壘：國內民營可回收液體火箭龍頭，雙曲線三號海上可回收火箭完成試飛，覆蓋商業發射、低軌衛星組網全產業鏈。單輪融資超50億元，投前估值200億元。
- 虹吸邏輯：軍工、衛星網際網路、新質生產力三重政策加持，上市後或將分流軍工、通訊、高端製造類股短線資金，稀缺整機標的估值溢價空間充足。
2. 藍箭航天
- 上市進度：科創板已進入多輪問詢階段
- 核心壁壘：是液氧甲烷火箭標竿企業，自研天鵲系列液體發動機，承接國內大部分民營衛星發射訂單，產業資本與地方國資密集佈局。
- 虹吸邏輯：科創板商業航天第五套標準首單在審企業，上市後軍工、衛星產業鏈影子股估值將承壓，資金將向火箭整機龍頭集中。
III. Commercial Aerospace Track: Currently, A-share market only lists satellite component and aerospace supporting manufacturers, with no private enterprises publicly traded that manufacture full liquid launch vehicles. The track boasts the same scarcity as Unitree before its IPO and holds extraordinary appeal for capital.
1. i-Space
IPO Progress: Under STAR Market IPO coaching. Core Moat: China’s leading private developer of reusable liquid rockets. Its Hyperbola-3 reusable rocket has completed sea-based test flights, covering the full industrial chain of commercial launches and low-orbit satellite constellation deployment. The firm secured over RMB 5 billion in a single financing round, with a pre-money valuation of RMB 20 billion. Capital Siphoning Logic: Backed by three major policy drives – national defense industry, satellite internet and new quality productive forces. Its listing is expected to divert short-term capital from defense, communications and high-end manufacturing sectors. This rare fully-integrated aerospace player enjoys ample room for valuation premium.
2. LandSpace
IPO Progress: Multiple rounds of inquiries completed on the STAR Market. Core Moat: A benchmark developer of liquid oxygen methane rockets with self-developed TQ series liquid engines. It undertakes most private satellite launch missions in China and has garnered heavy investments from industrial capital and local state-owned funds. Capital Siphoning Logic: It is the first commercial aerospace firm reviewed under the STAR Market’s Fifth Listing Standard. Post-listing, proxy stocks in the defense and satellite industrial chains will face valuation pressure as capital converges toward this leading full rocket manufacturer.
四、前沿未來產業
此類賽道在全球資本市場範圍內均無商業化整機上市企業，賽道完全空白，一旦登陸A股或將吸引國家級產業基金、科創理財長線入場，形成跨全市場資金虹吸。
1. 可控核聚變：星環聚能、能量奇點
- 核心壁壘：國核心聚變商業化第一梯隊，電漿體控制、聚變堆核心部件自研，單輪融資數十億，長期能源替代敘事空間兆等級。
- 虹吸邏輯：全球無同類上市公司，賽道從零起步，長線主權基金、新能源、硬科技資金集中配置，上市虹吸周期更長。
2. 腦機介面：強腦科技
- 上市進度：向港交所保密遞交IPO申請
- 核心壁壘：屬於工信部重點培育賽道，醫療康復、工業控制雙場景落地，自研侵入式、非侵入式腦機裝置，細分賽道無上市整機企業。
- 虹吸邏輯：兼具生物醫藥、人工智慧雙重題材，上市後或將同步分流醫療、AI兩大高景氣類股流動性。
IV. Cutting-edge Future Industries
No publicly traded commercial integrated equipment manufacturers exist across global capital markets for these sectors, leaving a complete market vacuum. Their A-share listings will likely draw long-term capital inflows from national industrial funds and tech wealth management products, generating cross-market capital siphoning effects.
1. Controlled Nuclear Fusion: XH Fusion, Energy Singularity
Core Moat: Among China’s frontrunners for commercialized nuclear fusion. The companies independently develop plasma control systems and core fusion reactor components, with single financing rounds worth billions of RMB. The long-term market potential for energy replacement stands at the trillion-yuan scale. Capital Siphoning Logic: No comparable listed firms worldwide. The sector is entirely untapped, attracting concentrated allocations from long-term sovereign funds, new energy and hard-tech capital. Its capital drawdown cycle after IPO will be longer than peers.
2. Brain-Computer Interface: BrainCo
IPO Progress: Confidential IPO application submitted to the Hong Kong Stock Exchange. Core Moat: A key sector prioritized by the Ministry of Industry and Information Technology. Its self-developed invasive and non-invasive brain-computer devices are deployed in two major scenarios: medical rehabilitation and industrial control. There are no listed integrated equipment vendors in this niche track. Capital Siphoning Logic: It combines dual investment themes of biomedicine and artificial intelligence. Post-listing, it is poised to drain liquidity simultaneously from the two booming medical and AI sectors.
理性來說，虹吸效應具有邊界，屬於短期情緒擾動。企業股價維持的位置需要從長期看商業化兌現程度。
一般來說，虹吸行情的持續性有限，僅短期結構性分流。參考宇樹、長鑫科技歷史走勢，資金虹吸峰值或將集中在上市後1-15個交易日，屬於存量資金騰挪而非增量入場。新股炒作情緒退潮後，前期被錯殺的產業鏈小票大多迎來修復，類股流動性將回歸均衡狀態。
警惕高估值透支風險。具備虹吸潛力的企業大多尚未盈利，採用科創板第五套上市標準，上市首日在情緒推動下市盈率普遍突破200倍，若後續量產、營收、訂單不及預期，極易出現估值快速回呼，股價大幅波動。
Rationally speaking, capital siphoning has clear limits and only stems from short-term market sentiment. A stock’s long-term valuation hinges on the company’s commercialization delivery capacity.
Siphoning rallies are short-lived and only trigger structural capital reallocation. As seen from the historical performance of Unitree and ChangXin Memory, liquidity concentration peaks typically occur within the first 1 to 15 trading days post-listing. Such shifts merely redistribute existing stock market capital rather than attracting new incremental funds. Once speculative fervor for new stocks fades, undervalued small and mid-cap firms along industrial chains usually stage rebounds, restoring balanced liquidity across sectors.
Investors should guard against overstretched valuations. Most companies with strong siphoning potential remain unprofitable and qualify for listing under the STAR Market’s Fifth Set of Standards. Driven by market hype, their price-to-earnings ratios often surge above 200 on debut. Failure to meet mass production, revenue or order targets later will trigger sharp valuation corrections and extreme stock volatility.
注意賽道競爭與技術迭代風險。人形機器人、GPU、商業航天均處於產業早期，技術路線迭代速度快，行業價格戰加劇，若企業自研壁壘弱化、商業化落地緩慢，長期估值邏輯將崩塌。
總體來看，A股資金分化是長期趨勢，“細分賽道中首家整機硬科技龍頭”或將持續享受上市初期流動性溢價，復刻宇樹的資金虹吸行情。未來市場資金將持續向具備硬核自研、規模化落地、賽道稀缺三重屬性的頭部企業集中。但對於投資者而言，既要看見稀缺賽道新股的短期博弈機會，也要警惕極致情緒下的估值泡沫。
Risks from industrial competition and rapid technological iteration also warrant attention. Humanoid robots, GPUs and commercial aerospace are all nascent industries featuring fast-evolving technical routes and intensifying price wars. Eroded proprietary technological moats or sluggish commercial rollouts will completely undermine long-term valuation logic.
In summary, capital polarization represents a long-term structural trend on the A-share market. First-of-its-kind integrated hard-tech leaders in niche sectors will continue to command liquidity premiums shortly after IPOs, recreating the capital siphoning phenomenon witnessed with Unitree. Market capital will keep gravitating toward top-tier enterprises boasting three core strengths: full independent R&D, large-scale commercial deployment and exclusive niche positioning. Nevertheless, investors need to balance short-term trading opportunities brought by rare new listings against valuation bubbles inflated by excessive market sentiment.
(無界社 Economic Views)